50,000 housing lots will be made available by the Metropolitan Planning Authority to address the land supply issue in Melbourne. Planning Minister Matthew Guy said that the release should boost the construction sector as well as promote competition to make housing more affordable for everybody.
Home prices have declined by 15% in December 2013, driven by a steady supply of land. The plan to release 50,000 lots will be spread out all over the urban growth boundary, covering Melbourne’s west, north and south eastern corridors.
Read more about this on the Smart Property Investment website